---
schema_version: "secwatch.filing_event.v1"
accession: "0000772406-23-000016"
form_type: "8-K"
ticker: "CRUS"
cik: "0000772406"
company_name: "CIRRUS LOGIC, INC."
filed_at: "2023-05-04T23:59:59+00:00"
generated_at: "2026-06-15T23:37:44.420860+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.78
calibrated_materiality_score: 0.78
confidence: "high"
source: SEC EDGAR
---

# Cirrus Logic reports record FY23 revenue $1.90B; Q4 loss on impairments; HPMS product canceled; Q1 guide weak

## Summary
- Record FY23 revenue $1.90B (+7% YoY); GAAP EPS $3.09, non-GAAP $6.42.
- Q4 rev $372.8M, GAAP loss $(0.97) from $85.8M intangibles impairment and $10.6M lease/restructuring; non-GAAP EPS $0.92.
- HPMS revenue 38% of total (vs 12% in FY19); planned new HPMS product for fall canceled, removed from internal model.
- Q1 FY24 revenue guidance $260-320M (midpoint ~$290M, -22% QoQ, -26% YoY); gross margin 49-51%.
- Inventory rose to $233.5M from $152.4M; one customer ~83% of FY23 revenue; $501M buyback authorization remaining.

## SEC filing metadata
- accession: 0000772406-23-000016
- form_type: 8-K
- ticker: CRUS
- cik: 0000772406
- company_name: CIRRUS LOGIC, INC.
- filed_at: 2023-05-04T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.78
- calibrated_materiality_score: 0.78
- confidence: high
- sec_items: 2.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/772406/000077240623000016/0000772406-23-000016-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/772406/000077240623000016/crus-20230504.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000772406-23-000016
- JSON: https://secwatch.observer/filing/0000772406-23-000016.json
- Plain text: https://secwatch.observer/filing/0000772406-23-000016.txt

## Key facts
- Earnings Releases
  CIRRUS LOGIC, INC. reported Q1 FY2024 outlook results: revenue $260 million to $320 million. Guidance initiated.
  - Period: Q1 FY2024 outlook
  - Revenue: $260 million to $320 million
  - Guidance: initiated
  - Result: guidance update
  source text: Revenue is expected to range between $260 million and $320 million; • GAAP gross margin is forecasted to be between 49 percent and 51 percent; and • Combined GAAP R&D and SG&A expenses are anticipated to range between $142 million and $148 million, including approximately $23 million in stock-based compensation expense, $2 million in amortization of acquired intangibles, and $3 million in acquisition-related costs.
  evidence_url: https://www.sec.gov/Archives/edgar/data/772406/000077240623000016/0000772406-23-000016-index.htm
- Earnings Releases
  CIRRUS LOGIC, INC. reported Fiscal Year 2023 (ended March 25, 2023) results: revenue $1.90 billion, EPS GAAP earnings per share of $3.09 and non-GAAP earnings per share of $6.42.
  - Period: Fiscal Year 2023 (ended March 25, 2023)
  - Revenue: $1.90 billion
  - EPS: GAAP earnings per share of $3.09 and non-GAAP earnings per share of $6.42
  - Result: reported results
  source text: Revenue of $1.90 billion; • GAAP and non-GAAP gross margin of 50.4 percent and 50.5 percent; • GAAP operating expenses of $707.9 million and non-GAAP operating expenses of $486.4 million; and • GAAP earnings per share of $3.09 and non-GAAP earnings per share of $6.42.
  evidence_url: https://www.sec.gov/Archives/edgar/data/772406/000077240623000016/0000772406-23-000016-index.htm
- Earnings Releases
  CIRRUS LOGIC, INC. reported Q4 FY2023 (quarter ended March 25, 2023) results: revenue $372.8 million, EPS GAAP loss per share of $(0.97) and non-GAAP earnings per share of $0.92.
  - Period: Q4 FY2023 (quarter ended March 25, 2023)
  - Revenue: $372.8 million
  - EPS: GAAP loss per share of $(0.97) and non-GAAP earnings per share of $0.92
  - Result: reported results
  source text: Revenue of $372.8 million; • GAAP and non-GAAP gross margin of 50.0 percent and 50.1 percent; • GAAP operating expenses of $249.2 million and non-GAAP operating expenses of $119.8 million; and • GAAP loss per share of $(0.97) and non-GAAP earnings per share of $0.92.
  evidence_url: https://www.sec.gov/Archives/edgar/data/772406/000077240623000016/0000772406-23-000016-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.